Tuesday, September 13, 2011
Proposed Change to Limit Individual Charitable Deductions
Posted by Armanino Nonprofit Team
President Obama submitted his American Jobs Act to Congress this week. One of the main tax items proposed is to limit the itemized deduction, which includes charitable deductions, to 28% of a taxpayers’ taxable income. This would apply to joint filers with adjusted gross income over $250,000 and single filers with adjusted gross income over $200,000. This is expected to be one of the largest revenue generators worth about $250-300BB over 10 years. If you want to find out if your individual charitable contribution could be limited, please consult your personal tax advisor. How do you think this will impact your nonprofit organization?
Nonprofit organizations have specialized audit, tax and operational needs that require specialized service. Armanino has been committed to the nonprofit sector since 1953, and we now work with more than 500 nonprofit clients. This hands-on experience gives our staff of CPAs and former CFOs a deeper understanding of the issues nonprofits face, so we’re able to meet their needs and help them fulfill their missions in the most efficient, cost-effective way possible.